Dham and 2 other directors resign from Satyam

Published: Monday, December 29, 2008, 17:55 [IST]

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Bangalore, Dec 29: India's largest IT company, Satyam Computers announced the resignations of Director, Vinod K Dham, non-executive Director, Krishna G Palepu from the company's Board of Directors. Satyam Director, Mendu Rammohan Rao is reported to have resigned from the company earlier.

The directors' resignations were received by the company on Sunday, Dec 28 and they ceased to be directors from Dec 28. Another director, Mangalam Srinivasan also had resigned on Dec 25.

The resignations are the impact of the mangement's aborted bid to acquire Maytas Properties and Maytas Infrastructure for $1.6 billion (Rs 79.2 billion) Dec 16 in a bid to bailout the two realty firms.

The firms, which derive their names from Satyam spelt backwards, are run by the two sons of Satyam founder chairman B Ramalinga Raju.

Known as the father of Pentium, Dham had been on the Satyam board since January 2003.